Weekly update on new developments in the pension industry for week ending 30 August 2017: Pensions Regulator to prosecute ex-BHS owner Dominic Chappell | House of Commons Library Paper examines increases to pensions | Broken Promises: The Coming Global Pension Crisis | PO and TPAS to merge dispute resolution process
Pensions Regulator to prosecute ex-BHS owner Dominic Chappell
The Pensions Regulator has confirmed it will prosecute former BHS owner Dominic Chappell over his role in the collapse of the retailer.
The Pensions Regulator is to prosecute Dominic Chappell for failing to provide information and documents.
Mr Chappell was the director and majority shareholder of Retail Acquisitions Ltd at the time that the company purchased BHS.
He has been summonsed to appear at Brighton Magistrates’ Court on 20 September 2017 to face three charges of neglecting or refusing to provide information and documents, without a reasonable excuse, when required to do so under section 72 of the Pensions Act 2004, contrary to section 77(1) of that Act.
House of Commons Library Paper examines increases to pensions
This HoC briefing paper looks at the requirements on private sector Defined Benefit occupational pension schemes to index and revalue pension benefits and recent debates - including the 2016 consultation on the British Steel Pension Scheme and the 2017 Defined Benefit Pension Scheme Green Paper.
Broken Promises: The Coming Global Pension Crisis
This paper from RWC Partners considers the extent to which different types of pensions across the globe are underfunded.
After identifying the factors that led to this situation, the research examines the potential implications of trying to deal with the shortfall and concludes they could have a very deflationary impact.
PO and TPAS to merge dispute resolution process
The Pensions Ombudsman (PO) is proposing to take on the Pensions Advisory Service’s dispute resolution process. The integration of TPAS’s services into the PO is currently subject to an industry consultation. If it goes ahead, the intention would be to streamline the existing process.
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